Finance

Finance

Azerbaijan sees 20% rise in insurance market

21 November 2013 14:08 (UTC +04:00)

Ministry of Finance says that the payments on insurance accidents rose 31.1% to AZN 98.974 mln.

During this period, the premiums from voluntary insurance types surged 27.8% to AZN 223.213 mln, as well as from life insurance rose 2.8 times to AZN 34.457 million, from non-life insurance rose 16.3% to AZN 188.757 mln, from compulsory insurance soared 6.5% to AZN 114.437 million.

Most of premiums came from the “Medical Insurance” (AZN 55.177 million), “Compulsory insurance against civil liability of vehicle owners” (AZN 58.878 million), “Vehicle insurance” (AZN 47.198 million), Insurance against fire and other perils (AZN 37.466 mln), Living insurance (AZN 29.910 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 22.504 million), Cargo insurance (AZN 12.868 mln) and “Compulsory insurance of servicemen” (AZN 12.692 million),

The payments on voluntary life insurance made AZN 2.274 mln, down 20.7% from 2012. Voluntary non-life insurance payments rose 12.5% to AZN 66.457 mln. Totally, voluntary insurance payments soared 10.8% to AZN 68.731 mln, compulsory insurance payments increased by 2.2 times to AZN 30.243 mln.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 36.989million), “Vehicle insurance” (AZN 22.231 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 21.094 million).

Currently there are 28 insurance companies in Azerbaijan.